H2SITE, a leading innovator in hydrogen separation technologies, has successfully closed its Series B funding round, securing EUR 36 million from a diverse consortium of investors. This funding will support the company’s ambitious expansion into large-scale industrial projects, positioning it at the forefront of the clean hydrogen economy. The round was co-led by Hy24, the world’s top low-carbon hydrogen investment manager, through its Clean Hydrogen Equipment Fund, and SC Net Zero Ventures, a venture capital fund focused on decarbonizing industrial sectors and mobility.
The consortium includes both new investors such as MassMutual Ventures, Enagas Emprende, and Exergon, alongside key historical partners from earlier funding rounds, including Breakthrough Energy Ventures, Equinor Ventures, and Ezten, FCR. These investors will grant H2SITE access to a global ecosystem of stakeholders committed to advancing hydrogen as a critical energy vector to meet European and global industrial decarbonization targets.
Since its inception in 2021, H2SITE
Has been advancing its proprietary membrane reactor technology, which enables the efficient separation of hydrogen from gas streams, including ammonia and methanol, which are easier to transport. The company has already delivered 15 projects in Western Europe and is now scaling its infrastructure efforts to include pioneering large-scale projects across North America, the European Union, and Asia Pacific.
The Series B funding will enable H2SITE to achieve several significant milestones, including the establishment of multi-ton per day hydrogen production capacities by 2026. Additionally, the funding will support critical applications such as ammonia cracking, natural hydrogen production in the USA, and maritime decarbonization efforts. H2SITE’s separation technology is poised to address key challenges in the hydrogen supply chain, contributing to the development of a reliable, scalable, and efficient low-carbon hydrogen economy.
Andrés Galnares, the Founder and CEO of H2SITE, expressed excitement about the support from the new consortium, noting, “For our third funding round, we have brought together strategic and financial partners who understand the complexities of scaling production, deployment timelines, and market demand. Their expertise will help drive our growth and support large-scale infrastructure projects over the next three years, with a focus on ammonia cracking and hydrogen separation.”
Guillaume Lesueur, Managing Director & Head of the Clean Hydrogen Equipment Fund at Hy24, highlighted the strategic alignment of H2SITE’s technology with the fund’s objectives. “H2SITE has developed a highly efficient purification technology that serves a broad spectrum of markets within the hydrogen supply chain. This flexibility, combined with the team’s industrial experience, aligns perfectly with our mission of supporting breakthrough equipment providers and scalable technologies in the hydrogen space,” he said.
SC Net Zero Ventures’ Managing Partner, Natalia Ruiz, also underscored the importance of H2SITE’s technology in accelerating the energy transition. “At SC Net Zero Ventures, we are dedicated to supporting solutions that drive energy transition. H2SITE’s innovation in hydrogen separation is a prime example of how technology can address challenges within the hydrogen supply chain. We are proud to back a company that is not only leading innovation but is also playing a tangible role in decarbonizing strategic sectors,” she commented.
The funding round also saw advisory support from Gómez-Acebo & Pombo (GA_P) for H2SITE, Pinsent Masons for Hy24, and Tribeca Abogados for SC Net Zero Ventures.
The Growing Hydrogen Market
The markets for ammonia cracking and hydrogen purification are poised for substantial growth, driven by the rising need for efficient hydrogen transport and utilization solutions. With over 1,500 hydrogen projects announced globally as of 2024, the momentum for hydrogen adoption continues to accelerate. Europe, Asia-Pacific, and North America are spearheading this growth, fueled by robust policy support, industrial decarbonization targets, and the ongoing push for low-carbon energy security. The development of regional hydrogen hubs and international trade in hydrogen and its derivatives such as ammonia, methanol, and other e-fuels highlights the expanding potential for ammonia cracking and purification technologies.
About H2SITE
H2SITE is a deep-tech start-up based in Bilbao, Spain, that uses advanced membrane reactor technology to solve the hydrogen transport challenge. The company’s technology converts hydrogen carriers, such as ammonia and methanol, into fuel cell-pure hydrogen. Founded in 2020 as a spin-off from TECNALIA, the largest private research center in Southern Europe, and Eindhoven University of Technology (TUe), H2SITE has grown rapidly, employing over 60 team members and operating membrane production facilities in Loiu, Spain.
About Hy24
Hy24 is the world’s largest clean hydrogen investment fund manager, dedicated to scaling up the global hydrogen economy. With a focus on large-scale, strategic clean hydrogen projects and technologies, Hy24 is essential in achieving net-zero targets alongside renewables and electrification. A joint venture between Ardian and FiveT Hydrogen, Hy24 manages over €2 billion in funds and is a key catalyst in the global hydrogen ecosystem.
About Suma Capital and SC Net Zero Ventures
Suma Capital is a leading alternative asset manager with over €1 billion in assets, focusing on sustainability through various investment strategies. SC Net Zero Ventures, managed by Suma Capital, is a €150 million fund committed to driving environmental change by investing in climate tech innovations, particularly within industry, mobility, and energy sectors.
Read more: H2SITE Secures €36M Funding Led by Hy24 & SC Net Zero Ventures
